After months of speculation and kite-flying from those in and out of the Government, we now know where the Chancellor has and has not chosen to look for additional tax revenues over the coming years. In the weeks leading up to the Budget, a manifesto-breaking increase in income tax looked on the cards. In backing away from that decision, Rachel Reeves has introduced more complexity into the tax system. This includes the introduction of a new income tax rate for property and savings income, additional tax at new rates on dividends, as well as a plethora of other tax measures, including relying on frozen tax thresholds to increase tax collection from individuals.
This Budget tries to steer a difficult course: the government wants to maintain its fiscal headroom while not introducing tax rises that will disincentivise investment and growth. It remains to be seen whether the measures announced, and their timing, will pull this off.
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Autumn Budget commentary
What do the tax announcements mean for you?
What it means for your family business
